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OpenTimelineIO is currently in Public Beta. That means that it may be missing some essential features and there are large changes planned. During this phase we actively encourage you to provide feedback, requests, comments, and/or contributions.
OpenTimelineIO is an interchange format and API for editorial cut information. OTIO is not a container format for media, rather it contains information about the order and length of cuts and references to external media.
OTIO includes both a file format and an API for manipulating that format. It also includes a plugin architecture for writing adapters to convert from/to existing editorial timeline formats. It also implements a dependency- less library for dealing strictly with time, opentime.
You can provide adapters for your video editing tool or pipeline as needed. Each adapter allows for import/export between that proprietary tool and the OpenTimelineIO format.